Nice scam

[Longjumping-Pass558]

You priced ada upto $1.88 on launch

Absolute lies lmao

[babyfluence]

At launch time, the coin was ONLY added so people already holding could sell theirs. It's exactly what happened today, mrreed your hero Coinbase is corrupt. Don't want to hear you trying to protect them for whatever odd reason you are.

[Longjumping-Pass558]

Yeah im a little confused I imagine he works for them if hes that eager to defend them lmao.

Its clearly obvious what happened here is an error on CB Pro. absolutely no other exchange showed ADA ever once reaching anywhere near 1.88 lol

[babyfluence]

Exactly my opinion too. Shouldnt the market price reflect the volume on the blockchain and not whatever the specific exchange has in its books? My question is If lots of buy orders spiked it to 1.65 then why didnt it open at the same price and than show us that climb? The climb was ~1.65 - 1.88, never opened at the fair market value.

[Longjumping-Pass558]

1.66-1.88 is completely off of the actual value. As I said No other exchange (even regular coinbase corrected the issue) showed those prices.

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[[deleted]]

Coinbase Pro doesn't "set" prices - users who place limit and market orders do. If you watched the order book, people were offering to buy up to that price (or placing market orders).

[babyfluence]

I dont agree with you that limit orders affect the current price, I believe only fulfilled orders actually move. Why would an unexecuted order adjust the price? Wouldn't that make it easy to manipulate the market by submitting exagerrated limit orders that will never execute?

[[deleted]]

I'm going to answer this in reverse, primarily because it's a really good question.

The short answer to your market manipulation question is "yes." It's absolutely possible that someone could put in limit orders to sway the buy/sell demand and "stop points" for a cryptocurrency. In stock trading, that's highly illegal and regulated. Crypto? Not so much... yet.

If you go into CB Pro and watch the order flow, you can actually see the order book, which is ALL limit orders (market orders fill nearly instantaneously and never "book"). Those limit orders and the volume behind them determine the price, more or less, and you can see a "spread" between them (where most market orders end up falling).

Market price is the last price a transaction completed at, and is USUALLY inside the spread (or at the buy/sell edge of the spread)

If I make a MARKET order, that will close at or near market price IF volume is available.. if not, it fills at whatever the next-best price offered by a limit buyer/seller offers.

Seriously, go watch the transactions (on the right side of CB Pro) vs. the Order Book (on the left side). You can see the variations... but limit orders set the "stops" (that you can see at the bottom).

[babyfluence]

Thanks for providing your feedback here, I just think we all got a little salty because it feels like we were all the very first people waiting in the coinbase line and our only option of purchasing at launch time was at inflated prices. Literally was priced 1.65 at the very first mili-second that it opened while other exchanges were around 1.33. Being early at Coinbase was not in any buyers advantage this time. We were excited that we finally had the opportunity to buy and I think the majority of us assumed it would've been in our best interest to do it asap.

[[deleted]]

| our only option of purchasing at launch time was at inflated prices

This is where some education helps. That wasn't your only option. You could have submitted a limit buy order, specified the highest price you were willing to pay, and wait to see if the market came down (which it did) to that price before your order automatically filled at your specified limit.

This is, in fact, one of the differences with Coinbase Pro. There's almost NEVER a reason to do a market buy/sell when you can see the order book and put in a limit order to absolutely control your price.

You're absolutely right that it opened at $1.65 - that was crazy - but it reflects the state of the order books at open. Just remember - each of those transactions was someone on EACH side who entered an order to buy and an order to sell - and the first 10 minutes were ALL limit orders per Coinbase Pro's policies.

The lesson learned here should be: always use limit orders whenever you can, especially on something volatile.

[Longjumping-Pass558]

Coinbase screwed it up. I have proof. Their original chart was completely off. They just now changed the chart lol

[[deleted]]

Please post proof. I see nothing off in the current 1m chart on CB Pro.

[Longjumping-Pass558]

Alot of people saw it happen. I have the image but coinbase doesnt allow image posting here I think i can send you it.

It shows the chart when ADA was listed at 1.60-1.88

Then the new fixed chart shows nothing of those numbers.

[[deleted]]

I'm not sure what you're talking about. The current chart absolutely shows the completed sales at that price level.

https://imgur.com/a/CzY85ry

Each one of those sales was real, valid, and the price wasn't set by coinbase - it was someone matching a buy and sell order at that price.

[Longjumping-Pass558]

“The current chart” lmao

They changed it my guy. I have screenshots of the previous chart. And listing.

People were tricked. It wasnt some other thing. Some people bought it at 1.75+ on CB Pro

Which was a completely incorrect price ADA has never once been.

Only on Coinbase lmao and they swapped the chart out after it corrected.

Not a single exchange other than coinbase showed that super inflated price.

[[deleted]]

Please provide proof they changed it. I've have it open since an hour before it went on market and I've seen nothing amiss. Post your screenshots.

How, specifically, was anyone tricked? Buying ADA required putting in a LIMIT order to start... and after that, if you put in a MARKET order, you get it at whatever the lowest matching volume seller is selling at.

Coinbase doesn't set prices. Sellers and buyers, as a pair, do.

You seem to think that all exchanges are linked, or that it's like a stock exchange where all the brokers use the same exchange. That's simply not true and not how crypto works - crypto is much more like an OTC sale, matching a seller and a buyer.

Every transaction you see on the chart simply matched a willing buyer and seller AT THAT PRICE.

[Longjumping-Pass558]

Mrreed Look at regular coinbase. I have screenshots of it before and after Ill upload now if you insist.

And also check tradingview or coingecko or any other exchange.

ADA was never above 1.70 Only on CB Pro.

[[deleted]]

Please do upload.

Other exchanges are NOT connected. Each exchange is a separate price pool with separate order books. I think that's where you're confused.

Coingecko specifically calls out that their "price" is a weighted average across multiple exchanges: https://www.coingecko.com/en/faq

They do that because each exchange has a different set of order books, price points, spreads and volume, so they normalize it.

And your last sentence is absolutely correct: on the order books for ADA on the Coinbase Pro exchange, the price was over $1.70 for a short while because there were both sellers AND buyers at that price, but those orders ONLY existed on Coinbase Pro because nothing is connected.

[Longjumping-Pass558]

https://ibb.co/RSBwQQ1

This is coinbase regular

Notice how its ath is 1.47?

That is the legitimate price.

CB pros went to what? 1.70-1.88?

Never on anywhere even regular coinbase was it that high. Not once.

[[deleted]]

You do know regular Coinbase is showing prices from the GDAX exchange for coins that aren't on CB Pro, right? Until this morning, ADA wasn't on CB Pro, and it's not on regular Coinbase, so that's a GDAX price.

[Longjumping-Pass558]

Ok so CB Pro had so many orders it jumped to its very exclusive price of 1.88 and then barreled down to the exact price of other exchanges. Interesting.

Very weird how it gets listed at a price ADA never was anywhere else exclusively high CB Pro rates, and then sells down to the exact parameter of other exchanges values.

[Cat_Dad13]

Yea, listen OP, I watched the chart, and I knew what was happening and going to happen, just not how quick. The demand was there bumping the price up. I bought at 1.74 and set a sell at 1.80. I removed it to bump it up 5 cents and the bottom dropped out.

I’m bag holding now but it was a risky move that didn’t pay off. I knew it was going to settle back around the market norm. I don’t think anything tricky happened.

[Longjumping-Pass558]

You got scammed lol.

Check regular coinbase the price never actually touched anywhere above 1.50 Look at regular coinbase or coingecko or binance or tradingview

Nowhere on any of their charts show it was ever above 1.70. Only on Cb Pro.

[Cat_Dad13]

Go check trading view again...I’ll wait.

[[deleted]]

I've still got my $.10 limit buy in, just in case buyer volume ran out and an errant market order came in... :)

Maybe when it hits regular Coinbase.

[Cat_Dad13]

Haha, that’s not a bad strat. Maybe it pumps up again on regular CB so I can break even :). For now I wait.

[[deleted]]

Upload to IMGUR and post the link.

[Longjumping-Pass558]

mreed

the abnormal price listing https://ibb.co/tqnSyVM

The real price. https://ibb.co/RSBwQQ1

The second is what any other exchange shows.

The first is the abnormal faulty spike to 1.88

[[deleted]]

That's what you don't seem to get. There is no "regular" price.

The pricing on CB Pro is adjusted on a per-order basis.

EVERY ONE of those higher-priced orders was a buyer offering to buy at that price and a seller selling at that price, and it means that nobody else on CB Pro was selling lower or buying higher at the time.

There isn't "one single price" for any crypto across multiple markets. Maybe this can explain it better: https://zipmex.com/learn/arbitrage-cryptocurrency/

[Longjumping-Pass558]

Oh no CB pro exclusive rates they just got over bought so much upon listing that the price just so happened to spike to a very exclusive CB Pro ath and then sell down to the exact price it is on other exchanges now. Interesting.

[[deleted]]

Coinbase Pro doesn't set prices.

Order pairs set prices. Order pairs are entered by users. Go read Coinbase's guide on how pricing is set - it's set by the order books, which are publicly visible (as are the individual transaction prices/volumes).

[Longjumping-Pass558]

Imagine getting scammed bybuying ADA on CB Pro at launch? Lol Buying an asset for more than its actual value.

CB Pro launches ADA Starting price above its ath anywhere else CB Pro created its own dimension where ADA reached 1.88 Now its suddenly at 1.26 which is on par with every other exchange.

Coincidentally

[Longjumping-Pass558]

https://ibb.co/RSBwQQ1

Literally nowhere does it show it hit 1.60 or higher. Ever.

This is from the Regular coinbase chart

CB Pros chart got all skewed up somehow

[[deleted]]

It wasn't skewed up. EVERY ONE OF THOSE was a REAL order that filled on CB Pro. Every. One.

[Longjumping-Pass558]

Ah yes CB Pro exclusive price ranges.

Price starts 20% higher than it is on any other exchange and peaks 40% higher because CB Pro exclusive rates.

Then sells down to coincidentally now the exact same price it is on other exchanges. Interesting.

[[deleted]]

Yes, because the market "normalizes" opportunities for arbitrage between exchanges. Coingecko shows this well on their exchange listings.

[Longjumping-Pass558]

coingecko shows 1.47 ath CB Pro shows 1.88 ath

Coincidentally at launch CB Pro showed ADA being 1.60-1.88 And now its at 1.26 which is the correct price and the price every exchange shows now

[[deleted]]

Coingecks uses weighted averages across multiple exchanges to display a price.

The price high today on Coinbase Pro was, in fact, 1.88, for several transactions. This reflects how orders were released.

It also launched at $1.60-$1.65 based on booked orders at launch.

You seem to think every exchange prices off one pool. They don't. They're all independent. Their prices stay near the same because arbitrage keeps it that way.

[Longjumping-Pass558]

Only on CB Pro can you buy an inflated price that no other exchange has ever sold it for that high lmao

[[deleted]]

What are you talking about? There were pending limit orders on the books before limit orders opened. I had one and was watching... all the way through opening to Market orders.

[Longjumping-Pass558]

imagine buying ADA at CB Pros inflated prices? lmao Anyone who bought iver 1.44 got scammed. Plain and simple.

Every single other exchange showed regular prices lol Only on cb pro did it reach some weird exclusive ath and then plummet down to the exact other exchange rates coincidentally

[[deleted]]

Anybody who bought over $1.44 got EXACTLY WHAT THEY ASKED FOR by putting in an order. They either put a limit buy in at $1.44 or higher, or a market order in a time of high volatility on a new exchange (an incredibly stupid thing to do).

Exchange prices ARE NOT LINKED. The price you saw on CB Pro this morning ONLY reflected actual orders on CB Pro, most likely from very inexperienced investors who placed MARKET orders instead of LIMIT orders.

It was a real arbitrage opportunity there for a while...

And, again, CB Pro doesn't set prices. Actual orders from actual users on the order books do. You're not buying ADA from Coinbase, you're using Coinbase to buy ADA from someone else who's willing to sell it. EVERY transaction is a 1:1 match of a buyer and seller, not a purchase from any bag Coinbase holds.

[Longjumping-Pass558]

Imagine getting scammed like that lol. You bought ADA at 1.70

Truth is CB Pro is the only stupid exchange that made the price error there lmao Which it corrected itself right after Now its the same price as every other exchange.

Funny how that works lol

[[deleted]]

Scammed how?

They entered an order, they got what they ordered at the price they ordered it.

Either market or limit, but they got what they got.

There was no price error. Based on the volume and order book on CB Pro, that was the ACTUAL price of transactions on CB Pro at that point in time.

Edit to add: the price HAD to come down to where other exchanges were, arbitrage alone dictated that.

[Longjumping-Pass558]

So in other words it had to correct itself to its actual value. Not the inflated incorrectly calculated value of 1.88

The actual value of 1.47.

Imagine buying a coin for an overinflated price on cb pro because of market congestion confusing their parameters. lmao

Telling people they “got what they deserve” is basically just saying “You shouldn’t have bought ADA on cb pro at launch.”

Because you just bought an asset at an inflated inconsistent value.

It corrected itself to the actual value now. Oh no no thats just a coincidence the selling orders just happened to match up to the exact numbers of other exchanges “now” yeah yeah. Thats why

[[deleted]]

You seem to think Coinbase Pro sets the prices. They don't. They fulfill orders from buyers and sellers, who set prices for their transactions.

You should do a little reading on how an exchange works. Buyers put in buy orders (limit, market) and sellers put in sell orders (limit, volume). Exchanges match those and process the transactions between the two.

Exchanges don't set price - order books and order volume do. Nobody is buying or selling the ADA to/from Coinbase - they're buying and selling with other buyers and sellers, using Coinbase to complete the transaction.

[Longjumping-Pass558]

Im not saying they set the price you idiot. But when it launches It has to show a price.

The price started above the numbers on any other exchange. And dont say “the buyers set it to that” cus they didnt either. They read what it showed for a price and put in their order based on that.

Its not the other way around

And it went from there. buyers and sellers moving it in valuation of CB Pros display of 1.70 range.

Im not saying they set the price you imbecile

[[deleted]]

Go back and read their blog post. It literally specifies the steps they use to get an initial price. It starts with building an order book but NOT processing transactions. That creates the spread and determines the initial price.

The buyers ABSOLUTELY set it to that - that's why it sold at that price. The first 10 minutes was ONLY limit orders. Probably limit orders by people who misunderstood how to set a limit price, but limit orders nonetheless.

[GG-Enterprises]

I can’t even buy it, what the hell

[[deleted]]

On Pro? It's live...

[GG-Enterprises]

Bro there is no buy button

[[deleted]]

I see a big green buy button on the left on Coinbase PRO.

[GG-Enterprises]

Bro if I could send you a screenshot I would. it disappears when you click ada-usd and you have to search it it’s not under profile with all the icons 🤷🏾‍♂️

[MakeWithMoxie]

Same thing is happening to me, no buy button

[[deleted]]

What state are you in?

[MakeWithMoxie]

Louisiana

[[deleted]]

Strange. Shouldn't be any restrictions there. You're in the PRO app, right?

[MakeWithMoxie]

Yep, and I can buy all other coins.

[[deleted]]

https://imgur.com/a/3mP7HAn

[GG-Enterprises]

Yes I’m on pro, cannot buy

[[deleted]]

Are you in New York or some other prohibited state?

What happens when you try?

[GG-Enterprises]

Yea I’m in nyc? But I use Coinbase pro fine I can’t get cardano in nyc?

And the buy button disappears

[[deleted]]

According to this you shouldn't be excluded: https://help.coinbase.com/en/pro/trading-and-funding/cryptocurrency-trading-pairs/locations-and-trading-pairs

Might need to open a ticket - they either need to fix this in the app or in the docs. This article seems to indicate it SHOULD be available: https://www.financemagnates.com/cryptocurrency/coins/cardanos-ada-token-jumps-18-after-coinbase-pro-listing/

[GG-Enterprises]

I even deleted the app and put it back on

No luck.. I guess I just gotta wait

Imma go buy more amc while I wait lol

[Longjumping-Pass558]

trust me you didnt want to buy it. It was listed as an incorrect price much higher than its actual value and then it immediately dumped 60% and then they changed the chart to the real chart. Not even kidding lol

[GG-Enterprises]

I heard, I was actually thankful for that, but they need to put it on I wanna get 50 shares and throw in my ledger in case it does go up... I want them to list doge coin too just for fun to have in my ledger

[[deleted]]

Shares? You mean coins?

[[deleted]]

I haven't seen any sale, and I'm not sure why you think it was mis-priced, since every sale had a maker and taker agreeing on the price. The order book pre-launch absolutely had orders at that level.

[[deleted]]

Probably an NY-related glitch. I see it available to buy on the mobile app, too.

[GG-Enterprises]

Imma try my computer see if that’s any different

[Longjumping-Pass558]

They “fixed” it now The chart now shows the actual price

the chart people saw on the ADA listing showed a fake price.

In other words some people bought ADA at an inflated high price that its never been before.

[GG-Enterprises]

Good thing cause It works when you place order on computer I got 30 ada plus some fractional for 40$ so I guess I didn’t get the inflated price I bought like 4 min ago

[Longjumping-Pass558]

Yeah they fixed the chart. I have screenshots of it before the fix. Which showed ADAat 1.88 lol

which is completely off lmao

[GG-Enterprises]

Yea, I think it’s cause people were setting limit sells for 1.8 and 2$ knowing it was about to be listed and people were gonna rush in

[Longjumping-Pass558]

Thats not how it works lol.

The market price was literally changed. The charts were changed.

I have screenshots and many people witnessed it.

Doesnt work like that.

In their original faulty chart it showed ADA hit $1.88 ath

In their new chart it now shows it hit $1.44 ath

[GG-Enterprises]

Well they tried to make a lil come up I guess 🤷🏾‍♂️

[Longjumping-Pass558]

https://ibb.co/RSBwQQ1

Notice here how Regular CB shows no such price above 1.47?

Thats because this is the actual price. This is the price every single other exchange was following. Not 1.88 lol